Nearly 350 Export Stimulus Activities Planned For Second Half of 2023

BANGKOK (NNT) - In an effort to boost exports, the Ministry of Commerce plans to organize up to 350 export stimulus activities in the second half of the year.

Permanent Secretary for Commerce Keerati Rushchano underlined the ministry’s initiative after a joint meeting with foreign commercial counselors and representatives from the private sector on May 25. He said the meeting has agreed to organize activities with the aim to increase the value of exports by approximately 550 million dollars (19.4 billion baht).

To facilitate the process, the director-general said that a dedicated task force called the "war room" will be established to set to expedite exports to target markets designated by public and private sectors. Target markets identified for this expansion include the Middle East, South Asia, Cambodia, Laos, Myanmar, Vietnam, and China, which show growth potential amid the global economic slowdown.

The ministry intends to implement various strategies to achieve its export goals. These include opening new markets, sustaining existing ones, and revitalizing older markets. Key strategies involve forming trade representative groups to expand market potential, promoting cross-border e-commerce, negotiating business partnerships online and offline, and other various areas.

According to the permanent secretary, the ministry also plans to prioritize secondary city markets, especially within ASEAN, the United States, and Europe. The target of 550 million dollars in the second half is expected to elevate the total export value for the year to approximately 290-293 billion dollars, surpassing the initial target range of 289-292 billion dollars.

The Thai National Shippers’ Council stated that exporters in Thailand face several challenges due to unpredictable factors such as a sluggish US economy, slow recovery in China, and fluctuations in the value of the baht. Exporters also expressed concerns over the recent minimum wage increase announcement which could discourage new investment in Thailand and prompt existing businesses to consider relocating to other countries.

To instill investor confidence, the Thai Chamber of Commerce suggests that minimum wage adjustments involve a tripartite committee that takes into account the opinions of business owners rather than just political policies, as industries such as agriculture, small and medium enterprises (SMEs), tourism, and labor-intensive service sectors will be affected by wage increases.

By Krajangwit Johjit

Source: https://thainews.prd.go.th/en/news/detail/TCATG230526150416028